IMF downgrades world economic forecast
23-04-2009
The International Monetary Fund has once again downgraded its forecast for the world economy. It now expects a contraction of 1.3 percent this year. The IMF blames what it calls the deepening financial hole caused by losses from banks and other financial institutions as a result of bad loans. It says these are likely to add up to four trillion US dollars in total. The forecast for next year is for weak growth of just 1.9 per cent.
